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Gold/Mining/Energy : Ensco International Inc. (ESV) -- Ignore unavailable to you. Want to Upgrade?

To: Xplorer who wrote (1391)	7/16/1998 7:28:00 PM
From: skibob	Read Replies (1) \| Respond to of 2005

To all: Subject: NOESIS Earlybird Report Date: Wed, 15 Jul 1998 07:27:59 -0700 From: George <gclemen@calweb.com> Organization: NOESIS To: UPDATE NOESIS <update@oil-gasoline.com> The good news is that refiners drew down crude oil inventories by 6.7 million barrels to 333.7, making room for new receipts. They pulled the levels down by cranking up throughput to 100% operable capacity. However, gasoline inventories rose by 3.3 million despite the cutback in imports. And distillate inventories rose by 2 million. What all of this means is that the market cannot support operating the refineries at that level. It appears that refiners are converting crude to product to take advantage of all available tank capacity. Then they will have room for crude they have already purchased which is probably scheduled for delivery in the next few weeks. Refineries cannot continue to operate at the current level because there simply is not the demand or storage capacity to take care of much more product. For more details, check the NOESIS site on Monday! oil-gasoline.com skibob